More people can now secure their dream home, even with interest rates at 5%. The new ‘Own New’ scheme is a game-changer for first-time buyers, divorcees, self-employed individuals, and more.

If you've struggled to get on the property ladder or suddenly find yourself in need of a new home due to divorce or separation, the ‘Own New’ scheme offers a fresh opportunity to purchase a brand-new property with competitive mortgage rates.

Key benefits of the scheme

• Interest Rates Starting as Low as 0.99%: With a two-year fixed rate and a 60% loan-to-value (LTV), homebuyers can enjoy a much lower interest rate than current market rates.
• Developer Contributions: Housing developers will contribute 3% to 5% of the purchase price to the lender, reducing mortgage product fees and helping to keep interest rates down.
• 5% Deposit: Buyers can purchase their new home with just a 5% deposit, making homeownership more accessible.
• Full Ownership: Unlike shared ownership schemes, buyers own 100% of their home upon completion.
• Build Equity Faster: The scheme focuses on your earnings, making it ideal for self-employed individuals or those looking to rebuild their credit while building equity in their new property.

With the Bank of England base rate holding steady at 5%, this scheme provides a much-needed solution for those wanting to lock in lower monthly payments. For example, on a £200,000 property over 25 years, a traditional mortgage at 4.65% would cost around £1,129 per month. Under the ‘Own New’ scheme, with a 0.99% rate, you could pay as little as £752 per month, saving nearly £9,000 over two years!

Whether you're buying a flat or a house, Paul Carr Estate Agents is here to guide you every step of the way, from finding your perfect new-build development to securing the best deal under the ‘Own New’ scheme. While this scheme isn’t available for buy-to-let investors, homeowners can still benefit if they're looking to move into a new build and rent out their current home.

At Paul Carr Estate Agents, we have a fantastic selection of new-build developments ready for you to explore. Let us help you make your homeownership dreams come true, even in today’s challenging market!

For more information contact our Land & New Homes team on 0121 353 9200